GGG:CC - G6 Materials Reports Financial Results for the First Fiscal Quarter of 2024
(TheNewswire)
Ronkonkoma, New York, USA - TheNewswire - October 31, 2023 - G6 Materials Corp. (“G6” or the“Company”) (TSXV:GGG ) ( OTC:GPHBF), ahigh-tech company with expertise in advanced materials and developinginnovative composites for a wide range of industrial uses, announces that it has filed its unaudited financialresults for the first quarter of the fiscal year ending August 31,2023, the highlights of which are included in this news release. Thefull set of Condensed Interim Consolidated Financial Statements andManagement Discussion and Analysis can be viewed by visiting G6’swebsite at www.g6-materials.com or itsprofile page on SEDAR at www.sedar.com .
Financial Highlights (all amounts expressed in US dollars unless otherwisenoted)
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Revenue for the three-month period ended August 31,2023 was $320,907, a decrease from the $358,400 reported for the sameperiod last year, due to a change in product sales mix.
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Gross profit for the three-month period ended August31, 2023 was $87,560 or 27% of revenue, a decrease from the $132,930or 37% of revenue reported for the same three-month period last year,due to the aforementioned change in product sales mix as a result ofseasonal variations.
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Total expenses for the three-month period ended August 31, 2023 was $514,506, an improvement from the $780,817 reported for thesame three-month period last year, primarily due to a decrease ingeneral and administrative expenses and research and developmentcosts.
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Net loss for thethree-month period ended August 31, 2023 was $426,946, an improvementas compared to the net loss of $647,887 reported for the samethree-month period last year , primarily due to adecrease in operating expenses, particularly general andadministrative expenses, marketing as well as research and developmentcosts.
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Total assets for the period ended August 31, 2023 were$1,129,035, from $1,441,003 reported for the annual period ended May31, 2023.
Management Commentary
“The first three months of the Company’s 2024fiscal year saw it make significant gains in its overall level ofcash-based expenses, while revenue generally held steady over the sameperiod. Gross profit margin also improved significantly over the lastquarter, which helped lower our net loss,” said Kevin Cornish,President, Interim CEO & CFO of G6 Materials Corp.
“As recently announced, G6 is going through a periodof change but we are grateful to remain a debt-free company withrecurring revenues from diverse group of loyal customers, valuableintellectual property in the form of seven granted patents, and asimple capital structure. I would like to thank our employees, boardof directors, shareholders, consultants, advisors and otherstakeholders for their support during this time,” added Mr. Cornish.
Summary of Key Financial Measures (all amounts expressed in US dollars unlessotherwise noted)
The following table contains summary financialinformation taken from the Company’s quarterly financial reportscovering the last five reporting quarters. The information set forthshould be read in conjunction with the Company’s audited annualfinancial statements, prepared in accordance with InternationalFinancial Reporting Standards and the related notes thereon.
About G6 Materials Corp.
G6 Materials Corp. is a high-tech company withexpertise in advanced materials that creates value developinginnovative composites for a wide range of industrial uses. GrapheneLaboratories Inc., a wholly owned subsidiary of G6, sells a range ofgraphene-based products and other materials, including but not limitedto conductive epoxies, high-performance composites, and R&Dmaterials, with numerous customers from among the Fortune 500 list ofcompanies, as well as NASA and leading universities. GrapheneLaboratories Inc. has entered the global air filtration market withBreathe + , a line of medical-grade HEPA air filtration productsenhanced with advanced performance graphene material.
G6 has identified new graphene-based applications toaccelerate growth into the future. Accordingly, the Company has avaluable IP portfolio currently comprising seven granted patents. TheCompany’s management team and employees have a deep understanding ofgraphene technology based on decades of aggregate academic andcommercial experience. Graphene Laboratories Inc. has established itspremium research laboratory and scalable production facility equippedwith advanced analytical and material processing equipment.
The Company’s e-commerce websites are listedbelow:
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Breathe : Medical-grade HEPA airfiltration enhanced with advanced performance graphene material, formore information, visit www.breatheplus.tech
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Conductive Epoxies: Adhesive materials distributedunder the G6-Epoxy TM trade name and can be purchasedat www.g6-epoxy.com
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D Materials: Graphene Laboratories Inc. currentlyoffers over 100 graphene and related products available at www.graphene-supermarket.com
Forward-Looking Information
This news release contains forward-looking statementswithin the meaning of the applicable securities legislation that isbased on expectations, estimates and projections as at the date ofthis news release. By their nature, forward-looking statements involveknown and unknown risks, uncertainties and other factors which maycause actual results, performance or achievements, or other futureevents, to be materially different from any future results,performance or achievements expressed or impliedby such forward-looking statements. “Forward-looking information”in this news release includes but is not limited to information aboutthe graphene-enhanced air purifier (including efficacy, potentialcommercialization and patent pending thereof); information about thepotential for the Company’s long-term growth; the business goals andobjectives of the Company, and other forward-looking informationconcerning the intentions, plans and future actions of the parties tothe transactions described herein and the terms thereon.
The forward-looking information in this news releasereflects the current expectations, assumptions and/or beliefs of theCompany based on information currently available to the Company.Although the Company believes that the assumptions inherent in theforward-looking information are reasonable, forward-lookinginformation is not a guarantee of future performance and accordinglyundue reliance should not be put on such information due to theinherent uncertainty therein.
Risk factors that could cause actual results to differmaterially include, but are not limited to, the actual results incommercial applications of the Company’s graphene-enhanced airpurifier may differ significantly from its test results; health andenvironmental factors affecting the adoption of the Company’sgraphene-based technologies or other products; the Company may fail toobtain appropriate government approvals or accreditation related tothe business’ operations and technological processes; the marketconditions and demand for its product as well as the market prices ofsuch products being developed by the Company may change over time;reliance on key personnel; the potential for conflicts of interestamong certain officers, directors or promoters with certain otherprojects; competition; dilution; and the volatility of our commonshare price and volume.
The Company undertakes no obligation to revise orupdate any forward-looking information other than as required by law.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Commercial Inquiries
Elena Polyakova, Chief Operating Officer
Email: info@g6-materials.com
Investor Inquiries
Nick Kuzyk, Investor Relations
Telephone: 1-(866)-324-4244
Email: investors@g6-materials.com
ON BEHALF OF THE BOARD: Gary Dyal, Chairman
For more information on G6 Materials Corp., pleasevisit www.G6-Materials.com or its profile page on SEDAR at www.sedar.com .
SOURCE: G6 Materials Corp.
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